People are freaking out about Toys R Us stores closing following its bankruptcy filing— here's what we know so far

On Monday, the toy retailer filed for Chapter 11 bankruptcy protection ahead of the 2017 holiday shopping season — a crucial time of year for any toy seller.

Nostalgic customers quickly began freaking out about the prospect of losing a store that defined their childhood.

However, there's no need for customers to freak out yet. Toys R Us may have filed for bankruptcy — but that does not necessarily mean that its stores are closing.

Chapter 11 bankruptcy is a way for Toys R Us to restructure and renegotiate its roughly $5 billion in debt. It's not a death sentence for stores. For example, retailers such as Eddie Bauer and Aeropostale have kept stores open despite filing for bankruptcy, though both brands closed locations following the filing.

"At Toys R Us, we're taking the right steps to ensure that the iconic Toys R Us and Babies R Us brands live on for many generations," the company wrote on Facebook on Tuesday. "Most importantly - It's business as usual! All of our stores around the world are open, and you can also continue to shop online."

In other words, while Toys R Us may announce some closures in the future, there's no need to panic just yet.